Home prices improve in Prov. metro, R.I. in June

HOME PRICES nationwide improved 5.7 percent in June compared with June 2015, according to CoreLogic. Twenty-three states and Washington, D.C., also reached new home price highs in June. / COURTESY CORELOGIC
HOME PRICES nationwide improved 5.7 percent in June compared with June 2015, according to CoreLogic. Twenty-three states and Washington, D.C., also reached new home price highs in June. / COURTESY CORELOGIC

PROVIDENCE – Home prices in the Providence-Warwick-Fall River metropolitan area increased 5.3 percent over the year in June, according to Corelogic.
Home prices in Rhode Island also increased 5 percent over the year in June, the real estate tracker said Tuesday.
The improvement in home prices for both the Providence metro and Rhode Island lagged that of the nation, however. Home prices nationwide improved 5.7 percent in June compared with June 2015.
Data includes distressed sales, which include real estate-owned and short sales.
Looking ahead, CoreLogic estimates that home prices nationwide will rise 5.3 percent in June 2017 compared with June 2016. They are expected to rise 3.6 percent in Rhode Island over that time frame.
In June, five states had the largest year-over-year home-price appreciation: Oregon, 10.9 percent; Washington, 10.3 percent; Colorado, 9.2 percent; Utah, 7.9 percent; and Nevada, 7.7 percent.
Rhode Island is one of five states that remained furthest from peak values in June at 19.6 percent. Nevada led the list at 32 percent, followed by Florida at 23.9 percent; Arizona, 23.5 percent; and Maryland, 20.7 percent.
In addition, 23 states and Washington, D.C., reached new highs in June.
“Mortgage rates dipped in June to their lowest level in more than three years, supporting home purchases,” Frank Nothaft, chief economist for CoreLogic, said in a statement. “Local markets with strong economic growth have generally had stronger home-price growth. Among large metropolitan areas, Denver had the lowest unemployment rate and the strongest home-price appreciation.”
Anand Nallathambi, president and CEO of CoreLogic, said, “Home prices continue to increase across the country, especially in the lower price ranges and in a number of metro areas. We see prices continuing to increase at a healthy rate over the next year by as much as 5 percent.”

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